https://www.taxtmi.com/caselaws?id=436978 Seized currency retained in police custody should ordinarily be released on interim custody when further retention is unnecessary, provided adequate safeguards protect investigation and adjudication. The Court held that pending income-tax proceedings and a notice under the Income-tax Act did not justify continued withholding at an early stage, because seized property must be dealt with expeditiously and judiciously under the Code of Criminal Procedure. Release on supurdgi was therefore permitted subject to a bank guarantee and other conditions securing the Revenue's interest. en-us Thu, 20 Apr 2023 00:00:00 +0530 Tue, 25 Apr 2023 10:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436978 Seized currency retained in police custody should ordinarily be released on interim custody when further retention is unnecessary, provided adequate safeguards protect investigation and adjudication. The Court held that pending income-tax proceedings and a notice under the Income-tax Act did not justify continued withholding at an early stage, because seized property must be dealt with expeditiously and judiciously under the Code of Criminal Procedure. Release on supurdgi was therefore permitted subject to a bank guarantee and other conditions securing the Revenue's interest. Case-Laws Income Tax Thu, 20 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436978